Federal Bank, which already controls 15% of India's remittance market, could increase transfer volume even more with its new Ripple partnership:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Payments Briefing subscribers. To receive the full story plus other insights each morning,Major Indian bank Federal Bank is partnering with distributed ledger fintech Ripple to enable blockchain-powered remittances, according to aAccess to Ripple's technology can speed up remittances sent through Federal Bank's platform, and enhance the quality of its service in line with consumer desires.
The partnership can bring even more volume to Federal Bank, which already controls 15% of the remittance market in India. India has consistently been theremittance recipient in the world for several years, and Federal Bank already owns a sizeable chunk of the market. Partnering to integrate into an in-demand feature like speed can allow remittance firms like Federal Bank to further boost their competitive standing in a blossoming market: Business Insider Intelligence
digital remittances to grow from $225 billion in 2018 to $387 billion in 2023 as digital services increasingly become the preferred remittance channel. Globally, other remittance firms have leveraged Ripple's technology as well: Ripple's list of partners
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